Theft from an Estate: Who Might Be Responsible
During the administration of a trust or estate, fiduciaries must pay close attention to the assets. If you were appointed to serve as a trustee or personal representative, you have an obligation to safeguard this property. Failing to do so could make the trust or estate susceptible to theft from an estate. It is important to understand the extent of parties capable of stealing from a trust or estate in order to minimize the likelihood of its occurrence.
6 Potential Parties Who Might Be Responsible for Theft From an Estate:
Think it’s just the beneficiaries who steal from a trust or estate? Think again. There are many parties, at various stages of the estate planning and administration process, who could potentially steal from a trust or estate. For example, if your loved one passed away, consider the following individuals who could potentially steal from the estate or trust:
- A close friend of your loved one who had access to your loved one’s financial and other assets.
- A financial advisor is in charge of controlling the estate or trust’s money.
- A trustee appointed by your loved one seeking to benefit from the trust assets inappropriately.
- A home health caregiver who steals assets from your loved one after he passes.
- A disgruntled child or former spouse of the decedent with the ability to access your loved one’s accounts.
- An unscrupulous co-trustee or personal representative of your loved one’s estate. This individual may opt to use a trust or estate funds inappropriately, for their own benefit.
Now that you understand how many parties could potentially be responsible for theft from an estate, it is important to take action if you suspect any wrongdoing has occurred.
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